Citigroup Said to Sign Lease to Stay in Lower Manhattan

Citigroup Inc.
C 1.57%
has signed a long-term lease to stay in its main Lower Manhattan office, striking a 2.6 million square-foot deal with landlord
SL Green Realty Corp.
SLG -0.87%
, according to multiple people briefed on the deal.

Citigroup's lease at 388-390 Greenwich Street—a two-building complex in TriBeCa—marks one of the largest leases ever in Manhattan. The lease extends Citigroup's presence in the building until 2035, people said.

The bank's old lease expired in 2020. The TriBeCa location is Citigroup's largest office in New York. The bank's headquarters are at 399 Park Ave.

The deal comes after a long search by Citigroup in which the bank considered moving to a new tower at the World Trade Center, or a new tower at the Hudson Yards.

The complex used to be headquarters of Travelers Group, which merged in 1998 with what was then Citicorp. The bank today houses its investment bankers, traders and others in the property.

Citigroup, which will do a massive overhaul of the space, plans to move employees from other New York locations to the complex once it is completed.

The deal comes at a time when the financial services industry is contracting in Manhattan. Millions of square feet of space that used Banks such as J.P. Morgan Chase & Co. and
Bank of America Corp.
have put on the market.

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